Dubai Bank to buy Gulf Arab lender

by Reuters Sunday, 10 June 2007

Government-controlled Dubai Bank is planning to buy a lender in a Gulf Arab country during the next 12 months, Middle East Economic Digest reported in its latest issue.

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The bank, which is 30% owned by Emaar Properties, will decide whether to purchase another Islamic lender or a conventional bank that could be converted to comply with Sharia, or Islamic law, which bans the receipt of interest as usury, the weekly said, citing Dubai Bank's chief financial officer.
"It depends on the opportunity, as to whether we buy a conventional bank and convert it," MEED quoted Ahmed el-Shall as saying.

Several Gulf Arab lenders have said they are planning acquisitions to gain the scale they need to meet growing demand for lending, spurred by economic growth from a near tripling of oil prices since 2002.

Emirates Bank International and National Bank of Dubai said in February they plan to merge at the behest of Dubai's ruler.

Dubai Holding, owned by Sheikh Mohammed bin Rashid al-Maktoum, holds a 70% stake in Dubai Bank, which said in March it had tripled its capital to 1.5 billion dirhams ($408.6 million) to finance growth.



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